Crypto Morning Brief: PNUT market cap surpasses $2 billion, Robinhood/Coinbase to list PEPE
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Crypto Morning Brief: PNUT market cap surpasses $2 billion, Robinhood/Coinbase to list PEPE
After the release of the U.S. CPI, the probability of a 25-basis-point rate cut by the Federal Reserve in December rose to 75.7%.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Bitcoin market cap surpasses Saudi Aramco, ranks 7th globally
According to data from 8marketcap, as Bitcoin continues to reach new all-time highs, its market capitalization has surpassed that of Saudi Aramco, making it the 7th largest asset by market cap globally.
Musk: Dogecoin’s fixed inflation rate is a feature, not a bug
Dogecoin co-founder Shibetoshi Nakamoto stated on social media that anyone who wants to remove Dogecoin's inflation can directly modify the source code on GitHub and submit a pull request. He pointed out that the key code is on line 146, and urged the community to stop bothering him about the matter.
However, Tesla CEO Elon Musk responded shortly after, stating that Dogecoin's fixed inflation rate (meaning the inflation percentage gradually declines) is a feature, not a defect.
Coinbase to list PEPE and add WIF to listing roadmap
Coinbase will list PEPE; trading may begin at or after 11:30 AM Eastern Time on November 13, 2024, if liquidity conditions are met. Additionally, Coinbase has added WIF to its listing roadmap.
PNUT market cap exceeds $2 billion, hits new record high
PNUT surged past 2.2 USDT, pushing its market cap above $2 billion, setting another all-time high.
BlackRock’s BUIDL fund expands to Aptos, Arbitrum, Avalanche, OP, and Polygon
According to an announcement by Securitize, BlackRock’s digital liquidity fund (BUIDL) has expanded across multiple blockchains, now covering Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Tokenized by Securitize, this multi-chain deployment marks a significant step forward in real-world asset tokenization.
After U.S. CPI release, odds of Fed rate cut rise to 75.7% for December
Data from CME's "Fed Watch" tool shows that the probability of the Federal Reserve holding rates steady through December is now 24.3%, while the chance of a cumulative 25 basis point rate cut stands at 75.7% (up from 37.9% and 62.1% before the CPI release). For January next year, probabilities are: no change at 16.5%, one 25 bps cut at 59.2%, and two cuts (50 bps total) at 24.3%—compared to 26.5%, 54.9%, and 18.6% prior to CPI publication.
Robinhood relists SOL, ADA, XRP and adds PEPE
Robinhood’s U.S. platform has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP), and newly listed PEPE.
VanEck launches SUI ETN on Euronext Amsterdam and Paris
Asset management firm VanEck launched a SUI Exchange Traded Note (ETN) product on Euronext exchanges in Amsterdam and Paris on November 13, 2024. This product allows investors to gain exposure to the Sui ecosystem without directly holding SUI tokens. The ETN is now available for trading in 15 European countries including Austria, Switzerland, Germany, Denmark, Spain, Finland, France, and Italy.
Linea announces Linea Association, plans token launch in Q1 2025
Ethereum scaling solution Linea announced the formation of the Linea Association during Devcon in Bangkok, Thailand—a Swiss non-profit organization dedicated to advancing Linea’s development and governance. The association will support Linea’s technology, grow its market presence, and advance decentralization efforts. It plans to launch the Linea token in Q1 2025, enabling token-based governance. Token holders will have voting rights over certain association activities, which will also manage core intellectual property and funding supporting Linea’s mission.
U.S. DOJ investigates Polymarket over alleged U.S. user trading
According to Bloomberg, the U.S. Department of Justice is investigating crypto prediction market platform Polymarket for allegedly allowing trades from U.S.-based users. The FBI executed a search warrant on Polymarket CEO Shayne Coplan, seizing his phone and electronic devices.
Turbos Finance integrates with OKX Web3 Wallet
Decentralized trading protocol Turbos Finance has integrated with OKX Web3 Wallet. Users can now directly trade Sui-based meme assets, earn yields, and provide liquidity on Turbos Finance via the OKX Web3 Wallet. This integration enables a seamless, all-in-one experience—from trading to asset management—within a single wallet.
Market Data
Suggested Reading
The Intersection of Bitcoin and Trump: A Battle Between Freedom and Control
AI Summary: This article explores Bitcoin’s role in U.S. politics, particularly its relationship with Donald Trump and the Republican Party. It analyzes intersections between Bitcoin and energy policy, anti-Fed sentiment, anti-big government ideology, and the concept of the “American Dream,” while discussing Trump’s stance on Bitcoin and its potential implications.
$ACT Rises 30x to Glory—What Other AI “Dark Horses” Can You Still Stake?
AI Summary: The article discusses recent dynamics in the cryptocurrency market, especially the rapid rise of the AI Meme sector. It analyzes the market performance and potential investment opportunities of various meme tokens, highlighting the high-risk nature of the space. It also mentions new initiatives by exchanges and current market trends.
From Speculation to Belief: Finding Tokens With Higher Purpose Aligned With Your Values
AI Summary: This article examines the shift in the cryptocurrency market from short-term speculation to long-term belief, emphasizing the importance of Bitcoin and other purpose-driven tokens. While acknowledging that past speculation led to volatility and bubbles, it argues that holding values-aligned tokens can yield lasting economic and social benefits.
Interview with Solana Co-Founder: Execution Is the Only Moat, Commercialization Is Key to Success
AI Summary: This article delves into Solana blockchain’s strengths and engineering challenges, particularly around transaction processing, fee markets, validator count, inflation planning, and competition with other blockchains. Solana co-founder Anatoly Yakovenko shares insights into solutions and future outlook.
Hack VC: A Deep Dive Into Ethereum’s Modular Journey—Gains and Losses
AI Summary: This article provides an in-depth analysis of Ethereum’s modular strategy, examining its impact on Ethereum’s dominance in the smart contract ecosystem from a business perspective. It notes that while modularity may have negatively affected ETH prices in the short term, it could help Ethereum maintain leadership in the long run.
CMC Research Head: Institutional FOMO Has Arrived—Ignoring Bitcoin Is No Longer an Option
AI Summary: This article explores the changing perception of Bitcoin among institutional investors. As market infrastructure improves and legitimacy grows, institutional interest in Bitcoin is rising. Despite past criticism over lack of intrinsic value and high volatility, Bitcoin’s role as “digital gold” is being re-evaluated. With more access channels like ETFs and custody solutions, institutions are better positioned than ever—potentially driving further price increases.
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